Ed Yardeni

AI Disrupts Financials. Bad Data Misleads On Economy.

Feb 10, 2026 3 min read paid

AI is an extremely disruptive technology. It has already turned on its masters: The software stocks have been pounded by fears that AI will make coders redundant (chart). Now it is turning on the financial industry. The most direct hit today comes from news that Altruist, a wealth management startup, has launched new AI-enabled tax planning features. This has sparked a "sell first, ask questions later" reaction among

Ed Yardeni

Emerging Markets Continuing To Emerge

Feb 9, 2026 3 min read paid

The US MSCI continues to underperform in the global stock market derby as it did last year (chart). Does this mean that American exceptionalism, which was touted as recently as 2024, is kaput? Is this another sign of de-dollarization? We don't think so. America remains exceptional, and foreigners continue to invest in the US. However, there are plenty of exceptional companies overseas that have also attracted global investors.

Ed Yardeni

ECONOMIC WEEK AHEAD: February 9-13

Feb 8, 2026 3 min read

As the polar vortex generates arctic blasts around the US, things are about to heat up on the economic data front. The week ahead includes arguably the two most consequential releases with respect to the outlook for Federal Reserve policy—January's employment and CPI reports. Thanks to recent government shutdowns, the employment (Wed) and CPI (Fri) releases are unusually close together. The jobs report is especially important, as

Ed Yardeni

MARKET CALL: Dow At 70,000 By 2029

Feb 7, 2026 4 min read

"Through the roof." That's how Nvidia's CEO Jensen Huang described AI infrastructure spending in his excellent interview with Scott Wapner on CNBC this past Friday, February 6. Huang described the current landscape as a "once-in-a-generation infrastructure buildout," specifically highlighting that demand for Nvidia's Blackwell chips and the upcoming Vera Rubin platform is "sky-high." He emphasized that the shift

Ed Yardeni

DEEP DIVE: Meet Kevin Warsh

Feb 7, 2026 10 min read paid

Excerpt from the February 2 Morning Briefing of Yardeni Research. The Fed I: Direct From Central Casting I spent the weekend reading up on Kevin Warsh, who will replace Jerome Powell as Fed chair in May. My friends at the Financial Times asked me to write an 800-word op-ed on him. Sharing those thoughts with readers here leaves me with plenty of additional space to elaborate on what I have

Ed Yardeni

Mini Tech Wreck Or Repeat Of The Big One?

Feb 6, 2026 3 min read paid

Is the sharp selloff in technology stocks this week the beginning of a Tech Wreck comparable to what happened from 2000 through 2002, when the tech bubble of the late 1990s burst and caused a recession (chart)? We doubt it because this time, the industry has many more profitable companies benefiting from the enormous capital spending on AI infrastructure by hyperscalers, including Alphabet, Amazon, and Microsoft. Collectively, these three companies

Ed Yardeni

AI Is Both Blessing & Curse … And: Is Bitcoin Biting The Dust?

Feb 5, 2026 3 min read paid

Our December 11, 2025, QT was titled "AI CALL: The TIME Curse & The Game of Thrones." The TIME Cover Curse hit AI in mid-December when the magazine featured "The Architects of AI" as the 2025 TIME Person of the Year. We wrote: The AI trade is turning into a Game of Thrones. In the past, the Magnificent-7 had their own kingdoms surrounded by big moats.

Ed Yardeni

Too Many Bulls Getting Shocked As AI Turns On Humans

Feb 4, 2026 3 min read

Last Thursday, we noted that the Investors Intelligence Bull/Bear Ratio of 3.99 suggested the market was vulnerable to a selloff. So far, so bad. What's worse is that the BBR rose to 4.13 this week (chart).There are still too many bulls from a contrarian perspective. But a few more days like yesterday and today would bring the BBR back down. The good news is

Ed Yardeni

WEEKLY WEBCAST: Meet Kevin Warsh

Feb 4, 2026 1 min read paid

Today, Dr Ed examines the world according to Kevin Warsh, President Trump’s pick for the next Fed chair. Warsh believes that the US is undergoing a productivity-led growth boom, as our Roaring 2020s thesis maintains, which should be supported by supply-side, pro-growth policymaking. He thinks fiscal policy’s role is to spur economic activity by keeping taxes low and regulations light, while monetary policy’s role is to spur

Ed Yardeni

AI Has Turned Technology Into An Even More Competitive Sport

Feb 3, 2026 3 min read

On December 7, 2025, we recommended market weighting rather than overweighting the Information Technology and Communication Services sectors of the S&P 500. Their combined share of the S&P 500 market capitalization has declined from a record 46.7% on November 5, 2025 to 43.9% on Monday (chart). That's even though their combined earnings share of the S&P 500 continued to rise

Ed Yardeni

Economy & Earnings Are Heating Up

Feb 2, 2026 4 min read paid

There's never a dull moment in our business these days. Events impacting the financial markets are happening so fast that we probably need to stop every now and then to update you on our latest forecasts. We are still targeting the S&P 500 at 7,700 by the end of this year and 10,000 by the end of the decade. The 10-year Treasury bond yield

Ed Yardeni

ECONOMIC WEEK AHEAD: February 2-6

Feb 1, 2026 3 min read

The week ahead has an anything-goes energy as a variety of key data and earnings reports vie for attention amid peak geopolitical intrigue. Last week left quite an impression on global markets. Trading in gold and silver went off the rails. "Dollar debasement" concerns competed with yen-intervention chatter. Donald Trump's White House kept everyone on their toes, hinting at military action in Iran and threatening new

William Pesek
Ed Yardeni

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